Silver Price Analysis: XAG/USD surges past $24.00 as US inflation slumps

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• Silver price leaps toward $24.00, gaining over 4% as US inflation decelerates, indicating a softer stance from the Fed.
• Technical outlook shows the XAG/USD uptrend could gather strength with a break above $24.20.
• Should XAG/USD fail to hold above $24.00, potential losses with critical support levels are highlighted in the $23-$23.50 range.

Silver price surged toward the $24.00 region on Wednesday following the release of the US Consumer Price Index (CPI), which showed inflationary pressures tumbling, suggesting the Federal Reserve (Fed) would not need to tighten as aggressively expected. The XAG/USD is trading at $24.07, gaining more than 4%, after hitting a low of $23.11.